Russia successfully tested the digital ruble in real estate transactions

VTB and the PIK Civil Code conducted the first operation using a digital ruble. The bank’s client booked an apartment in a residential complex in Moscow, making calculations in digital national currency.

The process consisted of several stages. Previously, the buyer and developer received the approval of the regulator for calculations in digital currency and opened accounts on the platform of the Bank of Russia digital ruble through the federal bank mobile application. After the selection of the object using the QR code, the buyer paid for the reservation in the VTB mobile application.

“A successful transaction with PIK carried out using a digital ruble is an important step towards creating modern and effective financial infrastructure in Russia. We see the huge potential of the digital ruble in increasing the transparency of calculations, reducing transaction costs and developing innovative financial services. VTB intends to actively develop its examination in this area and cooperate with the Bank of Russia for the further introduction of a digital ruble into the country's economy, ”said Alexander Pakhomov, deputy presidential chairman of the Board of VTB.

He added that the bank plans to continue to actively develop the infrastructure to work with a digital ruble.